ENOC Group, a leading integrated global energy player, and Emirates Auction, the leading UAE-based auction company in the Middle East, signed a Memorandum of Understanding (MoU) to optimise the asset disposal process.
The agreement is part of ENOC Group’s efforts to streamline operations and improve business efficiency.
The agreement envisages ENOC Group and Emirates Auction working closely to discover surplus assets including vehicles, assess their market value, and implement successful disposal strategies, including auctions.
The agreement was signed at the ENOC Head Office, by Saif Humaid Al Falasi, Group CEO, ENOC and Abdulla Matar Al Mannai, Chairman and Managing Director of Emirates Auction.
Al Falasi said the company is pleased to collaborate with Emirates Auction to enhance the management of its assets to streamline operations and improve business efficiency.
“Leveraging Emirates Auction’s expertise and resources will unlock new opportunities for growth for ENOC Group and support in enhancing customer experience,” he said.
Al Mannai said the company will invest all its advanced capabilities, expertise and experience to enhance ENOC Group’s asset management through various mechanisms.
“We will use the latest innovative systems and methods, and apply international best practices with high dynamism,” he said.
Al Mannai said the agreement will contribute to achieving attractive returns for ENOC and rationalising costs, by ensuring the speed of marketing and selling assets according to clear standards that enjoy transparency, credibility, and governance.
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